Bitcoin Mining Company BlockMetrix Raises IDR 617 Billion In Series B Funding Round

This bitcoin mining company managed to raise IDR 718 billion in funds. (Photo; Brian Wangenheim - Unsplash)

JAKARTA – Dalas-based crypto mining company BlockMetrix announced that it managed to raise 43 million US dollars or around Rp. 618 billion in the series B funding round. With this, the company's total venture funds reached 50 million US dollars or 718.7 billion US dollars.

The company revealed that the funding came from investors from the United States, Australia, and several countries in Asia. It is planned that the funds will be used by BlockMetrix to expand its operations by securing additional mining rigs.

Bitcoin mining company BlockMatrix, founded in 2021, used the funding raised in its Series A round of $7 million to add 1,000 crypto mining rigs. The company also stated that the new funding in the Series B round will allow the company to add more than 5,000 mining rigs in the near future.

One of the reasons for Blockmetrix's sizeable funding may be its location. Over the past few months, Texas has emerged as the crypto mining capital of the US as local regulators have shown a positive attitude towards the industry. “Lone Star State” also has affordable electricity prices, which is a key factor for the Bitcoin mining business.

BlockMatrix Co-Founder and CEO Nevin Bannister said this additional investment is a "significant milestone and testament to" the team's efforts to build the entity to its current status.

“We are working to maintain this momentum and meet industry demand as we enter this and third funding rounds. We thank all of our investors for believing in our mission,” said Bannister.

In addition, the largest mining company, Marathon Digital Holdings, has spent US$900 million or around Rp. 12.9 trillion to buy 78,000 crypto mining machines Antminer S-19 XP Miners from Chinese manufacturer Bitmain.

Another mining giant, Riot Blockchain, has also purchased power equipment provider Ferrie Franzmann Industries (known as ESS Metron) for 50 million US dollars (Rp 718.7 billion).

For information, Marathon and RIOT have gone public and are listed on the stock exchange. Currently Marathon shares are trading at a price of 22 US dollars and RIOT 15 US dollars per share.

Subsequently, Canada-based Hive Blockchain partnered with Intel to purchase a new ASIC chip for its bitcoin mining efforts. The company has also reached an agreement with an ODM (Original Design Manufacturer) that focuses on electronics manufacturing, as summarized by CryptoPotato's VOI.